Bessent on the Strait of Hormuz:

INTELLIGENCE SUMMARY

Bessent on the Strait of Hormuz: The strait is never going back to the way it was because the Iranians have used, or tried to use it, as a choke point. What we are going to see over the next two years, the strait is going to become irrelevant. It is going to become just another body of water, and I would say that more than 50 or 70% of the energy that moves through the strait now is going to go through underground pipelines.